How do I Move a Trust Administration From Oregon?
The administration of a trust is typically located in the state where the trustor (the person who sets up the trust) lives or the state of residence held by the trustee (administrator) or beneficiary. The administration of the trust is established by the trust agreement, which not only establishes the content of the trust and the method of distribution of those contents, but also the administration of the trust. Under Oregon law, the trustee is charged with administering the trust in a location most appropriate for the goals established by the trust. If it becomes necessary to move the trust from the state of Oregon, the laws of Oregon must be followed.
Other People Are Reading
Instructions
-
Empower The Trustee
-
1
If you are the trustor, make certain that you specifically empower the trustee with the decision and ability to move the trust administration out of Oregon and that you specify the conditions under which the administration can be moved. The trustee is empowered to administer the trust, but only after the death of the trustor. Prior to death, the trustor can move the administration out of Oregon.
-
2
Establish the reasons for the move of administration. Those reasons can include a change of address for either the trustee or the beneficiaries, or a goal of greater tax efficiency in the state the trust is to be moved to. When drafting the trust agreement, alternate states for the location of trust administration can be assigned.
-
-
3
Follow the law of the state of Oregon, which dictates that moving the trust out of the state is legal if it complies with the goals of the trust and facilitates the execution of those goals. Prior to moving the administration, you must provide 60-days notice to the beneficiaries of the trust and disclose the reasons for the move as well as the new location, including address and phone number.
-
4
Research the laws of the state to which the administration will move. Even if the laws of the state of Oregon allow you to move the administration out, the new state laws must facilitate your moving the administration in. If the new state of administration location has laws that contradict the charges of the trust, the laws of that state must be followed primarily.
-
5
Follow the directions in the trust agreement, especially if it specifies conditions under which the trust administration may be moved. The laws of the state of Oregon must be followed even if the trust agreement has contradictory directives.
-
6
Following the trust agreement, you must move the trust to the new state of residence for either the trustee or beneficiary or to the new state with more favorable taxation.
-
1
References
- Photo Credit Ryan McVay/Photodisc/Getty Images
